Call Genie Inc.
TSX : GNE

Call Genie Inc.

April 01, 2009 08:30 ET

Call Genie Reports Fiscal 2008 Financial Results

Revenues increase on a year over year basis.

TORONTO, ONTARIO--(Marketwire - April 1, 2009) - Call Genie (TSX:GNE), a leading provider of mobile local search and advertising solutions, today announced financial results for the year ended December 31, 2008.

2008 Results

- Revenues of $4,267,353 compares to $1,811,176 for 2007.

- Net loss excluding stock based compensation expense was $17,838,681 compares to $11,374,631 in 2007.

- Net loss of $20,464,275 ($0.25 per share) compares to $12,636,466 ($0.18 per share) for 2007.

- Cash used in operations was $15,491,494 compares to $11,255,907 for 2007.

- At December 31, 2008 the Company had a cash balance of $4,975,440.

Fourth Quarter 2008 Highlights

- Revenues of $976,549 compares to $757,829 for the fourth quarter of 2007.

- Net loss of $5,270,754 ($0.06 per share) compares to $4,202,921 ($0.06 per share) for the fourth quarter of 2007. This includes a one-time non-cash expense of $1,284,508 relating to the cancelation of 8.7 million stock options following the voluntary surrender of these options by Call Genie employees and Directors.

- Total Cash used in the quarter was $2,458,717 compares to $5,601,507 for the fourth quarter of 2007 and $4,348,183 for the third quarter of 2008. This marks the 5th straight quarter of declining cash usage.

- The Days Sales Outstanding (DSO) improved to 51 days at December 31, 2008 compared to 140 days on September 30, 2008. Accounts Receivable at December 31, 2008 of $552,339 compares to $1,409,467 at December 31, 2007.

Mr. Michael Durance, the Company's Chief Executive Officer, remarked, "The Company has continued to grow its revenues despite the extremely poor economic climate which has governed much of 2008."

This news release Call Genie should be read in conjunction with Call Genie's audited financial statements and the accompanying notes as at and for the year ended December 31, 2008 and the related Management Discussion and Analysis ("MD&A"), which have been filed with certain securities regulatory authorities in Canada and available on SEDAR (www.sedar.com) and on the Call Genie website at www.callgenie.com.

About Call Genie Inc.

Call Genie is a leading global provider of local mobile search and advertising solutions that connect ready to transact consumers directly with local merchants for local directory businesses, directory assistance services and local media publishers. Call Genie solutions offer an exceptional experience for both advertisers and consumers and are deployed in 11 countries around the world. Call Genie has been awarded the Excellence in Integrated Ad Management award by the Pelorus Group, has won the Yellow Page Association Industry Excellence Award for Marketing Innovation, the Whitaker Innovation Award, and the 118 Tracker Awards for both Technology Innovation in the UK and most recently, Outstanding Contribution to the Industry. www.callgenie.com.

The TSX Exchange has neither approved nor disapproved the contents of this news release.

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